David Fairs, Pensions Partner, KPMG UK comments on today’s Autumn Statement.
David Fairs, Pensions Partner, KPMG UK said:
“We are pleased that this statement has not introduced additional complexities but it is also a missed opportunity to simplify our incredibly complex pensions’ tax system. Consumers are faced with a bewildering range of options and rules. The launch of the NS&I bond presents yet another savings option alongside pensions and lifetime ISAs which are competing for retirement savings. If we want an effective savings policy we need to significantly simplify savings products and the tax framework.
“Reducing the money purchase annual allowance after drawdown is a sensible measure to stop abuse but a challenge for those who started to take their pensions expecting to be able to make further savings of £10,000. This is a technical change to an already complex system.”
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